“So, it doesn’t mean Apple won’t release preferred share. It means we need to go to common shareholders to get their approval,” he explained. “Frankly, I found it bizarre that we are being sued on that is something good for shareholders, but this is the position we’re in. It’s a silly side show.”

Cook further noted that Apple doesn’t have a depression-era mindset, suggesting that Greenlight’s suit was nothing but a way to distort reality.

Apple also issued a formal (public) response to Greenlight on February 7, saying, “contrary to Greenlight’s statements, adoption of Proposal #2 would not prevent the issuance of preferred stock.”

Cook insisted that, although his company accepts Greenlight’s proposals, Apple will continue to stick to Proposal #2 in its proxy.

“It’s about the right of shareholders,” he said. “It’s not about whether they return cash to shareholders and not about how much, or the mechanism to return it, it’s about the right.”

“We feel so strongly that, for Apple, shareholders should approve any issue of preferred stock.”